Word: revlon
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...week began, corporate raiders seemed to have been cowed by the surge in anti-takeover sentiment. That mood may have helped persuade Revlon Group Chairman Ronald Perelman to give up his hostile $4.1 billion offer to buy Gillette, the razor-blade maker. Probably more important, though, was the ! fast $34 million that Revlon earned by promising to back off. Investors branded the payoff as a clear case of greenmail, since Gillette agreed to buy back Perelman's 13.9% stake in the company at a premium price that was unavailable to other shareholders...
...only a day after Revlon's cease-fire, three more multibillion-dollar takeover bids hit the market. The Limited, a retail chain, teamed up with Real Estate Developer Edward DeBartolo to make a $1.8 billion offer for Carter Hawley Hale Stores, which operates Neiman-Marcus and Bergdorf Goodman. American Brands, a consumer-products conglomerate, made a $2.8 billion bid to take over a similar but smaller company, Chesebrough-Pond's. And Minnesota- based Corporate Raider Irwin Jacobs offered to pay about $4 billion to acquire Borg-Warner, a diversified company best known for its automotive products. The stocks of these...
Boesky's name popped up again in the ongoing takeover battle between Gillette, of shaving-blade renown, and Revlon Group, the cosmetics conglomerate. Revlon, headed by Raider Ronald Perelman, offered $4.12 billion for Gillette two weeks ago, just hours before the Boesky case broke. Gillette counterattacked last week with a claim in Boston's Federal District Court that charged Perelman with violating insider-trading laws. Gillette's lawyers issued a blizzard of demands for records from Boesky and a host of other Wall Street investment firms. Perelman called the Gillette accusations "totally without merit and self-serving." He denied that...
...push their treatments, manufacturers have buffed up an old gambit: the scientific slant. Names, and often prices, are suggestive of proprietary drugs: Estee Lauder's Prescriptives, L'Oreal's Biotherm and Revlon's European Collagen Complex. The list of ingredients in many concoctions would make the witches of Hampstead Heath envious, from plant extracts like soybean and avocado oil to miracle chemicals. In May, Shiseido will introduce a 24-hour cream, BH 24, containing biohyaluronic acid. La Prairie boasts that its Cellular Wrinkle Cream has proteins from the placentas of black sheep (because they are so resistant to disease, explains...
Many cosmetics firms, including L'Oreal, Revlon and Chanel, are preparing to join the free-sample spree, which is expected to grow from some 250 million strips this year to at least 500 million in 1987. Convinced that the strips will boost sales, industry executives are already planning to offer samples of other makeup products. Expected this summer: lipstick strips...